Tether, Kazakhstan Plan Tenge Stablecoin and Tokenization Pilot

Tether has signed a memorandum of understanding with the National Bank of Kazakhstan and the Alatau City Authority to explore a tenge-backed stablecoin, real-world asset tokenization, and decentralized finance, according to CryptoNews.

The agreement, announced on Oct. 7, outlines plans to prepare a concept and pilot proposal for a stablecoin pegged to Kazakhstan's national currency. Under the terms of the MoU, Tether and the central bank will examine stablecoin issuance models used in other markets, identify possible use cases, and design infrastructure required for digital finance.

Asset Tokenization in Alatau City

Asset tokenization forms the second major pillar of the agreement. The parties plan to identify asset categories suitable for tokenization and build a model for issuing them digitally, potentially utilizing Hadron by Tether, the company's platform for creating and managing tokenized assets. Any resulting pilot would be conducted within Alatau City's jurisdiction, under a special legal regime focused on investment and new economic models.

Kazakhstan's National Bank already regulates stablecoins and tokenized real assets under rules that became effective on May 1, 2026. The regulatory framework recognizes money-backed stablecoins, tokenized real assets, and digital versions of traditional financial instruments as digital financial assets.

## Key facts

• Tether signed an MoU with the National Bank of Kazakhstan and Alatau City Authority on Oct. 7.
• The initiative covers a tenge-pegged stablecoin pilot proposal and asset tokenization.
• Alatau City is designated to potentially host the tokenization pilot using Tether's Hadron platform.
• Kazakhstan's National Bank introduced digital asset rules recognizing stablecoins and tokenized assets on May 1, 2026.
• The agreement remains an exploratory memorandum without an announced issuance date, reserve structure, or commercial issuer.